1st mortgage after a 2nd one??

col81

Hi, I currently rent a apartment, i have a mortgage on a property my mother lives in which i have just got a second home owner mortgage for £125k on repayment house worth £200k. I now want to look at buying a apartment £125k with a 10% deposit. I pay £550 rent and the payments would be a lot less. Am i likely to get this mortgage too. 999 on experian no other debt and earn £36000

kingstreet

Should be okay subject to correct lender selection and meeting affordability for both.

[Deleted User]

Looks unlikely.  999 on Experian means nothing. You need to pass affordability and lender's checks and £250k on a 36k income looks far too much.

Why do you have mortgage on your mother's home? And if you do, why not live there, rather than also paying rent?

You're going to need to reduce the number of properties you're involved in.

col81

Deleted_User said:

Looks unlikely.  999 on Experian means nothing. You need to pass affordability and lender's checks and £250k on a 36k income looks far too much.

Why do you have mortgage on your mother's home? And if you do, why not live there, rather than also paying rent?

You're going to need to reduce the number of properties you're involved in.

My mother had bad health years ago so i took the mortgage on to keep her homed. It is now a good investment. To be honest i could get a apartment for £100k and only borrow £90k if needs be. I can push my earnings to £40k too if needs be another half day work. 

I don't want to live with my mum 

K_S

@col81 36k income, already have a 125k resi repayment mortgage, looking for an additional 90k resi mortgage on a different property.

Based on the limited info in your post, I would not expect you to meet affordability (as per lender calculations) for the new mortgage. You're likely to need 45k+ at least.

If the background property (that your mum lives in) was an interest-only regulated BTL, then you perhaps would have more options.

kingstreet

Guess who didn't notice the income and dealt with the principle rather than the practical!

kingstreet

Saying which, if you assume a monthly payment of upto £760 for the existing mortgage; a lender willing to treat the monthly cost like a credit commitment would lend £115k over 35 years for the onward purchase.